Starting up and running a successful business is a highly challenging task. Even so, according to Small Business trends, 69% of American entrepreneurs start new businesses out of their homes. The organization also reports that more than 51% of the company owners are aged between 50 and 88 years. On the downside close to half the new companies close down within the first four years.
Let’s place these numbers beside some statistics released by the IBIS World that reveal the business coach industry was valued at $11 billion in the year 2017. In addition, research shows that 88,222 professionals worked as coaches and an estimated 51,946 agencies assisted entrepreneurs with business management services.
With so much assistance available to help small enterprise owners succeed, you can make a resounding success of your business too. To prevent your new venture from closing shop in four years’ time, the best move you can make is to enlist the support of the best business coach out there.
But, How Does a Business Coach Help You and Your Company?
An experienced, highly-trained professional offering advice and guidance for running your company can help you in more ways than you can imagine. Take a look at some of the positives.
Amidst the myriad tasks of organizing your business and its many aspects, it’s easy to lose track of the targets you had set for yourself. Having an expert advisor on board can help you stay grounded and channel your energies in the right direction. He can break down your aspirations into small, achievable goals that you can accomplish easily without feeling overwhelmed. Your business coach will also match the funds and resources you have available to the tasks you have lined up so you have a better chance of completing them.
Stepping into a new industry can be confusing and you’ll need time to understand the ropes. Hire the services of a consultant who has in-depth knowledge of the workings of the arena and can guide you in the right direction. Like this feature on LinkedIn explains, an expert can also help you identify and avoid potential errors before you make them. And, if you have made mistakes, you’ll receive the best advice on damage control so you can correct the problem before you incur any major losses.
3. You’ll have a sounding board to air the viability of your ideas.
Coming up with great business ideas is easy. But, working out their viability is a whole different ball game. For this reason, you need an experienced business coach working with you to listen to your ideas and weigh in with his expert perspective. After discussing your propositions, you’ll feel a lot more confident about implementing them because you’ll have the support and incentive of someone who understands the industry. You may also receive advice on the proper procedures to follow to turn your ideas into real time action.
Most entrepreneurs start their businesses with great product ideas and the expertise to produce and market them. However, this article on Yahoo Small Business explains that running a successful company involves various other aspects that they may be clueless about. These intricacies can include legal aspects like getting the mandatory licensing and understanding the applicable taxes. You may also need help with hiring suitable trained workers and perhaps, choosing the right digital marketing company that can provide the perfect online platform for your company.
5. You’ll have assistance with keeping a firm grip on your finances.
In the initial stages of setting up your business, chances are that you’ll divert your savings and perhaps, take loans to finance your venture. The business coach will help you maintain that all-important balance between using your own money and sinking borrowed funds into the company. Once you start to make sales, it is easy to lose track of the actual profits you’re making against the obvious and hidden expenses you’re incurring. The expert professional assisting you will help you keep track of the income and expenses so you know exactly where you stand. This practical information can help you in maintaining the proper running of your new enterprise.
Entrepreneurs often make the error of spending on personnel and equipment they think they need. The knowledgeable consultant assisting you will help you keep the initial startup costs down so you can divert the funds towards areas where they are actually needed. You can also rely on advice on the inefficient processes that need to be improved and any other wasteful expenses you can avoid. All of these insights can prove invaluable to help you conserve funds that can be better used elsewhere.
When starting up a new company, many issues are likely to come up that need to be dealt with. And, having a business coach to discuss and manage the problems as they come up can go a long way in providing you with support and encouragement to move forward. Even in the day-to-day running of your new company, you’ll have problems like technical faults, human errors causing accidents, delayed payments from customers, or even, changing market conditions. At every step, you’ll need a person who has the expertise to see you through the problems and a business coach can do that for you.
Starting up and running a company is not an easy task. But, thankfully, you have plenty of help available to assist you. All you need to do is reach out, find the right person to help you, and enlist his support. And, there’s no reason why you won’t be celebrating the long-term success of the venture you’ve worked so hard to build.